1. Q4 2013 and 2014 targets investor conference call February 13, 2014 Darren Entwistle President & Chief Executive Officer Joe Natale EVP & Chief Commercial Officer John Gossling EVP & Chief Financial Officer

2. TELUS forward looking statement 2 Today's presentation and answers to questions contain statements about financial and operating performance of TELUS (the Company) and future events, including with respect to future dividend increases and normal course issuer bids to 2016 and the 2014 annual targets that are forward-looking. By their nature, forward-looking statements require the Company to make assumptions and predictions and are subject to inherent risks and uncertainties. There is significant risk that the forward-looking statements will not prove to be accurate. Readers are cautioned not to place undue reliance on forward-looking statements as a number of factors could cause actual future performance and events to differ materially from that expressed in the forward-looking statements. Accordingly, our comments are subject to the disclaimer and qualified by the assumptions (including assumptions for the 2014 annual targets, semi-annual dividend increases through 2016, ability to sustain and complete multi-year share purchase programs through 2016), qualifications and risk factors referred to in the fourth quarter Management’s review of operations and Management’s discussion and analysis in the other 2013 quarterly reports, in the 2012 annual report, and in other TELUS public disclosure documents and filings with securities commissions in Canada (on SEDAR at sedar.com) and in the United States (on EDGAR at sec.gov). Except as required by law, TELUS disclaims any intention or obligation to update or revise forward-looking statements, and reserves the right to change, at any time at its sole discretion, its current practice of updating annual targets and guidance.

3. Agenda  CEO Introduction  Q4 operational highlights  Q4 financial results  2014 annual targets and key assumptions  Questions and Answers 3

4.  Executing on our strategy focused on wireless and data  Building on momentum – 2014 targets  Investing for future sustainable growth  Delivering our 2014 corporate priorities CEO introduction 4 TELUS demonstrating strong results and executing on shareholder friendly initiatives TELUS demonstrating strong results and executing on shareholder friendly initiatives

5. 2014 Corporate Priorities 1.Delivering on TELUS’ future friendly brand promise by putting customers first and pursuing global leadership in the likelihood of our clients to recommend our products, services and people 2.Elevating our winning culture for a sustained competitive advantage 3.Strengthening our operational reliability, including our speed and resiliency 4.Increasing our competitive advantage through reliable and client- centric technology leadership 5.Driving TELUS’ leadership position in its chosen business and public sector markets 6.Advancing TELUS’ leadership in healthcare information management 5

6. Healthy postpaid net additions 6 Postpaid net adds (000s) Q4-12 123 Q4-13 Healthy postpaid net adds with postpaid base up 3% y/y Wireless subscribers 1 7.8M total 1.06M prepaid 86% 14% 6.75M postpaid 113 1. Wireless subscribers excludes 222K prepaid subscribers from Public Mobile at December 31, 2013.

7. Industry-leading wireless churn 7 1.51% Q4-12 1.41% Q4-13 BlendedPostpaid 1.12% Q4-12 0.97% Q4-13 Q4-11 1.67% 1.23% Industry-leading low churn results Postpaid down 15 basis points to reach lowest level in seven years Industry-leading low churn results Postpaid down 15 basis points to reach lowest level in seven years

8. Smartphone & data adoption driving ARPU growth 8 Q4-11Q4-12Q4-13 6.1 6.5 6.8 Postpaid subscribers (millions) Smartphone % of postpaid $60.95 $61.86 $59.08 Voice ARPU Data ARPU Q4 smartphone penetration up 11 points to 77% of postpaid base supporting data ARPU growth of 11% Q4-11Q4-12Q4-13 21.65 37.43 25.29 35.66 28.17 33.69 53% 66% 77%

9. Industry-leading lifetime revenue per susbcriber 1 9 Q4-12Q4-13 $4,387 $4,036 1 Lifetime revenue derived by dividing ARPU by blended churn rate Q4-11 $3,538 Customers First focus generating industry-leading lifetime revenue per subscriber Customers First focus generating industry-leading lifetime revenue per subscriber

10. Strong Future Friendly Home subscriber growth 10 Combined TV and high-speed Internet net additions exceeded residential NAL losses by 2.4 times – best ratio in over 2 years TELUS TV Residential NALs High-speed Internet 16K 13K 19K 21K 34K 31K 34K 38K (34)K (32)K (33)K (25)K 53K 59K 44K 50K Q2-13Q3-13Q1-13Q4-13

11. Continued Optik TV innovations 11 Now offering Optik on the go with live TV

12. Q4 2013 wireless financial results 12 ($M, except margins) Q4 2013Change Revenue (external)1,5853.4% Network revenue1,4344.1% EBITDA 1 5924.4% EBITDA excluding restructuring & other like costs 1 6046.0% EBITDA margin 2 40.9%0.1 pts EBITDA margin excluding restructuring & other like costs 2 41.7%0.6 pts Capital expenditures21311.5% TELUS delivers another solid quarter of wireless results 1 EBITDA does not have any standardized meaning prescribed by IFRS-IASB. See appendix for definition. 2 EBITDA as percentage of total network revenue.

13. Wireless data revenue ($M) Q4-12 570 Q4-13 648 466 Q4-11 Strong Q4 data revenue growth of 14% year-over-year Data now 45% of wireless network revenue, up 4 points Strong Q4 data revenue growth of 14% year-over-year Data now 45% of wireless network revenue, up 4 points 13

14. Q4 2013 wireline financial results ($M, except margins) Q4 2013Change Revenue (external)1,3633.4% EBITDA3592.1% EBITDA excluding restructuring & other like costs 3803.5% EBITDA margin 1 25.6%(0.3) pts EBITDA margin excluding restructuring & other like costs 27.0%No change Capital expenditures36410.3% Strong revenue growth driven by Data EBITDA excluding restructuring up 3.5% and stable margin of 27% Strong revenue growth driven by Data EBITDA excluding restructuring up 3.5% and stable margin of 27% 14 1. EBITDA as percentage of total revenue.

15. Wireline data revenue ($M) Q4-12 770 Q4-13 851 680 Q4-11 Data revenue growth of over 10% driven by TV and Internet Data revenue 62% of external revenue, up 4 points Data revenue growth of over 10% driven by TV and Internet Data revenue 62% of external revenue, up 4 points 15

16. Q4 2013 consolidated financial results ($M, except EPS) Q4 2013Change Revenue 2,9483.4% EBITDA 9513.6% EBITDA excluding restructuring & other like costs 9845.0% EPS (basic) 0.4717.5% Adjusted EPS 1 0.4922.5% Capital expenditures (capex) 57710.7% Simple cash flow (EBITDA less capex) 374(5.8)% Strong growth in revenue and profitability Continued capex investments to support sustainable growth Strong growth in revenue and profitability Continued capex investments to support sustainable growth 16 1. Adjusted EPS does not have any standardized meaning prescribed by IFRS-IASB. See appendix for definition.

17. EPS continuity analysis Strong double digit EPS growth 17 Q4-12 (as reported) EBITDA (ex. Public Mobile) Depr & Amort Lower O/S shares Q4-13 (as reported) Financing & Other $0.40 $0.05 $0.02 ($0.01) Public Mobile $0.47

18. 2014 targets and key assumptions See forward-looking statement in TELUS fourth quarter 2013 and 2014 targets news release

19. 2014 segmented targets 1,2 Wireless ($B)2014 targetsTargeted change Network revenue (external)$5.9 to $6.0B5 to 7% EBITDA$2.725 to $2.825B4 to 8% Wireline ($B) Revenue (external)$5.45 to $5.55B3 to 5% EBITDA$1.425 to $1.525B1 to 8% 1 See forward looking statement caution and assumptions in Section 1.5 of fourth quarter 2013 Management’s review of operations. 2 2014 wireless targets and growth rates exclude Public Mobile. Segmented targets building on our strong momentum achieved in 2013 Segmented targets building on our strong momentum achieved in 2013 19

20. $B, except EPS2014 targetsTargeted change Revenue$11.9 to $12.1 4 to 6% EBITDA$4.150 to $4.350 3 to 8% EPS$2.25 to $2.45 11 to 21% Capital expendituresApprox. $2.2 Targets demonstrate benefits of ongoing network and service-related investments, combined with customer-focused operational execution 2014 consolidated targets 1,2 1 See forward looking statement caution and assumptions in Section 1.5 of fourth quarter 2013 Management’s review of operations. 2 2014 consolidated targets and growth rates exclude Public Mobile. 20

21.  Pension accounting discount rate of 4.75%  Defined benefit pension expense of approx. $87M (approx. $85M in operating expenses and $2M in financing costs)  Defined benefit pension plan cash funding of approx. $105M  Restructuring and other like costs of approx. $75M  Cash taxes in the range of $540 to $600M  Statutory income tax rate of 26.0 to 26.5% Integration of Public Mobile is expected to negatively impact consolidated and wireless EBITDA by approx. $40M and EPS by approx. 6 cents Key assumptions and sensitivities listed in section 1.5 in Q4 Management’s review of operations 2014 key assumptions 1 1 See forward looking statement caution and assumptions in Section 1.5 of fourth quarter 2013 Management’s review of operations 21

22. Our balance sheet strength 22  Long-term net debt to EBITDA ratio of 1.8x at year end 2013  Excellent debt maturity schedule with average maturity at 9.4 years and average cost of debt at approx. 5%  Over $2 billion of available liquidity  Investment grade credit ratings providing ready access to capital market funding Strong balance sheet supporting broadband investments, spectrum purchases and returning capital to shareholders

23. investor relations 1-800-667-4871 telus.com/investors ir@telus.com

24. Appendix – Q4 2013 free cash flow comparison 20122013 Q4 EBITDA918951 Capital expenditures (excluding spectrum licenses)(521)(577) Net employee defined benefit plans expense2627 Employer contributions to employee defined benefit plans(28)(27) Interest expense paid, net(108)(113) Income taxes paid, net(13)(120) Share-based compensation(20)(22) Restructuring costs net of cash payments917 Free Cash Flow263136 Non-voting shares issued1- Dividends(199)(213) Cash payments for acquisitions and related investments(6)(229) Real estate joint ventures(5)(8) Working Capital and other(68)33 Funds available for debt redemption(13)(281) Net issuance of debt76585 Increase in cash62304

25.  EBITDA does not have any standardized meaning prescribed by IFRS-IASB. We have issued guidance on and report EBITDA because it is a key measure used to evaluate performance at a consolidated level and the contribution of our two segments. For definition and explanation, see Section 7.1 in the 2013 fourth quarter Management’s review of operations.  Adjusted EPS does not have any standardized meaning prescribed by IFRS-IASB. This term is defined in this presentation as excluding (after income taxes): 1) Restructuring and other like costs; 2) favourable income tax-related adjustments. For further analysis of the aforementioned items see Section 1.3 in the 2013 fourth quarter Management’s review of operations. Appendix - Glossary 25